As you should be made aware, dis yah bumboclaat COVID-19 pandemic have the worl’ a move well shaky. All sectors, from tourism down to the little corner shop have all been diversely affected. For some businesses more than others, they would have been able to adapt and maintain operations despite the negative impacts of this pandemic on the general economy. Unfortunately for others, business operations had to be cut down or seized entirely as they were not able to cope with the loss in capital to keep their doors opened. Due to this fallout, many were left unable to meet their standard basic needs due to a direct loss in income. This being said, many were left to only ask themselves this question:
Wah mi a guh bumboclaat do now?
From this, many sought other means of not only gaining an income to provide for themselves and their families, but they were also able to create an avenue for a secured income. An important part of financial well-being is being prepared for an unexpected loss of income. This was resonated with the unexpected rise of cases of the COVID-19 disease worldwide and many losing their basic 9-5 job, but at the end of the day, people haffi bumboclaat eat. With this push, many were able to start their own business, not only providing for themselves but gaining the opportunity to employ others to provide for themselves and their families.
At the end of the day, while starting your own business is all fine and dandy, it makes no sense to start businesses without putting measures in place to overcome major situations that may directly affect the operations of the business. In looking at how many businesses were forced to close because of this bumboclaat pandemic, this could be attributed to the fact that measures were not taken, whether poor business management or a lack of innovation to make it through the height of the pandemic. So what use would it be for you to start your business to have it close down should similar circumstances arise?
Whilst many businesses can withstand such economic crises, it is unfair to say all businesses can overcome such a crisis of this magnitude. This is as distinctive businesses in other industries are not able to be spared from such a crisis as this attributes to the nature of its operations. One such sector is the hotel and tourism industry. The pandemic forced persons to remain in their home countries, planes were grounded, hotels had to be closed and hotel workers were laid off. Where a business relies solely on patrons physically visiting and using the facilities that it accommodates, it is at a higher risk of being affected and forced to temporarily close its doors. That being said, it is on the entrepreneur to ensure that despite the industry that they chose to venture in, dem haffi put bumboclaat measures in place to either wait out or navigate through whatever storm that may form.
What this pandemic ought to have taught us is that accounting for sustainability is no longer optional but bumboclaat necessary. Here are few ways entrepreneurs can seek to create and sustain their business:
- Create a Safety Net
A safety net can be ascribed to having something that provides security against the rise of sudden difficulty or change in cash flow. In even simpler terms, it is having money put down to cover the most basic expenses, such as rent for a few months, should the expected cash flow for the business reduces or seizes.
- You need fi Bumboclaat Plan!
Business and financial planning are key in starting and running a business. Establishing goals for the business and expected cash flow aids in navigating the unexpected changes that may arise in the economy.
- Customer is King
Whether you are providing a product or service, customers are ultimately what pays for the business. Now more than ever, customers are seeking value for the money they are spending. If customers are not able to see any value in purchasing from your business, it is now on the business owner to ask, “How can I better meet the needs of my customers? How can even I grow my customer base?”
- Research! Research! Research!
Keep abreast with what may be new in your industry. Seek other methods on how to develop your product or service. This will also aid in innovating and putting new and unique products out on the market.
Whether diseases, natural disasters, or even economic recessions, sooner or later, crises will arise that may impact your business. It is important to have some measures in place to cushion the blows that may be thrown at your business, so that at the end of the day, your business remains standing.